Barack Obama signs budget bill

President Barack Obama has signed a bill that provides a broad outline for the federal budget through 2015 and eases some of sequestration’s cuts, the White House said Thursday.

The Bipartisan Budget Act restores a total of $63 billion in discretionary funding to the Defense Department and some domestic agencies in 2014 and 2015, but also includes $85 billion in deficit reduction.

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When Congress returns in January, lawmakers will still need to approve a bill that authorizes spending through the end of the fiscal year, or for a shorter period of time, as has been the case in recent years.

Savings in the bill come from a new airport security tax and from an increase in fees paid by companies that offer pensions that are guaranteed by the federal government.

Deficit reduction also comes from a controversial measure that would reduce cost-of-living increases for retired members of the military under age 62. Some Senate Republicans and Democrats have already signaled that they hope to fix this in 2014, while others have said that changes must be made to all entitlements, including those for members of the military.